Altcoins have recently outperformed Bitcoin, particularly since the market crash on September 7th. The market dominance of the world’s largest cryptocurrency, for example, has also declined, falling to just over 41.4 percent at press time. On the contrary, many of the market’s competing altcoins have seen their stock prices rise. Is there any significance to these findings?
According to BlockchainCentre, this month could be a “Altcoin month.” Many people in the crypto-community believe this. Not only by supporters, but also by ex-White House staffers. A former White House Press Secretary, in particular, is betting big on some altcoins.
SkyBridge Capital Chief Executive Anthony Scaramucci stated in an interview with us that he is bullish on Ethereum, Cardano, and Algorand. The reason for this is because of their “excellent use cases.”
According to a former White House official,
“There is a lot of exciting stuff going on in this space… As more digital applications are developed, some of those altcoins, such as Algorand or Cardano, or things like Ethereum, will continue to rise because they have great use cases.”
Scaramucci, a long-time supporter of Bitcoin, did, however, add that Ethereum may be on its way to becoming a “store of value” asset.
“I believe Ethereum has a very large market, and I believe Ethereum has good fundamentals and will grow.”
But that wasn’t the end of it. Despite ETH’s price performance, there have been several concerns about the altcoin’s lack of institutional adoption for several months. That could change soon, as Scaramucci responded to a question by saying,
“Would an Ethereum fund be possible in the future?” We could certainly do so. Everything you say about non-fungible tokens is correct, and the technology surrounding Ethereum will make it a sticky cryptocurrency, a store of value, and something that people will transact with.”
Cardano is, understandably, another altcoin that the executive is excited about. With ADA recently reaching new ATHs and the network anticipating the Alonzo mainnet upgrade on the 12th, these expectations are justified.
It is worth noting, however, that the executive seemed particularly bullish on the 17th-ranked cryptocurrency – Algorand (ALGO).
It was trading well above $2 at the time of publication, following a weekly gain of more than 70%. In fact, SkyBridge Capital’s CEO commented on the alternative on Twitter, saying,
Furthermore, Spartan Group’s Jason Choi claims that
“For the time being, ALGO’s price has moved far ahead of fundamentals, with a dramatic increase in OI as mania set in.”
Needless to say, if the aforementioned altcoins continue on their press time price trajectories, “Altcoin month” could very well be here.